Acquiring new customers can be costly and is starting to feel like highway robbery, particularly for small businesses with limited resources. To overcome this challenge, adopting a long-term strategy that builds trust and loyalty with customers over time is crucial.
You can still achieve high growth sustainably by flipping the funnel and prioritising retention strategies like bundling to enhance average order value (AOV), refining referral programs, developing subscription offerings, and perfecting content production and messaging. Businesses can establish a sturdy foundation for sustainable and long-lasting growth by focusing on customer retention with repeat customers who refer.
What is Owned Marketing?
Owned marketing refers to any marketing efforts you own and control, such as your website, email marketing campaigns, and social media pages. Unlike paid marketing, owned marketing doesn't require paying for advertising space or relying on third-party algorithms to reach your target audience. Instead, you have complete control over the content and timing of your messages. Plus, it's cost-effective and can provide better engagement with an engaged audience that's more likely to convert into customers.
Why is Owned Marketing Important?
Providing an excellent shopping experience has always been important, but it's even more crucial now as customers have come to expect personalised, seamless experiences across all touch points. Another key trend is the decreasing relevance of third-party cookies. This means that building your own audience and relying on first-party data will become increasingly important. By collecting data directly from your customers, you can better understand their needs and behaviours and use that information to target them with relevant content and offers.
What Owned Marketing Isn't
● Paid advertising on social media or search engines
● Influencer marketing or sponsored content
● Affiliate marketing
● Guest posting on other websites
● PR and media coverage
How to Use Owned Marketing
Here are some critical elements of effective owned marketing:
- A robust website: Your website is your digital storefront, and making a good first impression is crucial. Ensure your website is easy to navigate, visually appealing, and optimised for search engines.
- Email marketing: Email marketing is still one of the most effective ways to reach customers directly. Use it to share updates, promotions, and other valuable content.
- Social media: While social media algorithms can be unpredictable, having a solid presence can help you connect with customers and build brand awareness. Be sure to choose platforms that align with your target audience and use them to share engaging content.
The Benefits of Owned Marketing
- Increased control: With owned marketing, you have complete control over the channels you use to promote your business. You can customise your messaging, target your audience more effectively, and adjust your strategy as needed.
- Cost-effective: While traditional advertising can be expensive, owned marketing is often more cost-effective. You can create and distribute content through your own channels for little to no cost, and the return on investment can be significant.
- Better engagement: When you build an audience through owned marketing, you're more likely to have engaged followers interested in your brand and more likely to convert them into customers.
- Long-term benefits: While traditional advertising can provide short-term boosts, owned marketing can provide long-term benefits. By building an engaged audience, you're creating a sustainable source of traffic and revenue for your business.
Owned marketing is a powerful way to promote your ecommerce brand and reach your target audience. By using your owned channels and resources, you can build a strong online presence and establish yourself as a leader in your industry.
Do you need help incorporating owned marketing into your overall marketing strategy?
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